DocuSign (NASDAQ:DOCU) shares are trading lower by 24.54% to $65.92. The company late Thursday reported worse-than-expected first-quarter EPS results and issued in-line guidance. Evercore ISI Group downgraded the stock from Outperform to In-Line and lowered its price target from $100 to $75.
DocuSign reported quarterly earnings of 38 cents per share which missed the analyst consensus estimate of 46 cents by 17.39 percent. The company also reported quarterly sales of $588.70 million which beat the analyst consensus estimate of $581.76 million by 1%.
DocuSign also sees second-quarter sales as low as $600 million or as high as $604 million, versus the analyst consensus estimate of $601.71 million. The company sees FY23 sales as low as $2.47 billion or as high as $2.482 billion, versus the analyst consensus estimate of $2.48 billion.
"We delivered solid first-quarter results, growing revenue by 25% year-over-year and adding nearly 67,000 new customers, bringing our total global customer base to 1.24 million. We also bolstered our leadership team with key new hires who, together with our existing team, are ensuring we're well-positioned to grow and scale our business," said Dan Springer, CEO of DocuSign.
See Also: Apple Reportedly Plans For a Bevy Of Laptops Armed With Powerful In-House Chips
DocuSign offers the Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device.
According to data from Benzinga Pro, DocuSign has a 52-week high of $314.76 and a 52-week low of $64.84.
